Already received mortgage offer but now lender has dropped their rate

andymd

Halloumi wrote: »

Andy - would your AIP have expired by now? I was told by the guy I spoke to that it might make a difference to the length of the process (mine wouldn't have done).

No, we did a new AIP a couple of days before our full application as our original one would have expired before we got to offer. It's only 30 days or so old.

kingstreet

As I reported earlier, the process for a broker is;-

establish new product/code
provide new KFI to client
submit material change form to Nationwide
phone fees line to pay new £99 booking fee
await issue of revised offer.

No more, no less.

Zoology_Dragon

mikeyscott wrote: »

Is this general market movement, would be interested to know what's happening with farcical post office rates

What's going on with their rates? I just looked them up and they're very different to what we went for in June/July (much higher), though no fees.

JulietWhisky

JulietWhisky wrote: »

Interesting....two separate people at Nationwide have now told me it can be done. As well as Halloumi being advised the same.

I have an appointment tomorrow (Thursday) to get my rate changed. I will let you know the outcome.

JW.

To follow up on this....
Nationwide have been able to give me the new interest rate. Although they had to fill out a complete new application due to a known internal systems issue. Filling out the new application was not a headache for me, but probably was for the mortgage consultant as they had to copy everything across from the original application.

I also had to pay the booking and product fee for the "new" application, but I will of course be refunded the product fee from the original application.

In terms of a timeline.
18/09 - Appointment with mortgage consultant to discuss changing the interest rate.
18/09 - "New" application submitted.
19/09 - Email/Text to say valuation completed (They didn't actually do another valuation - just the automated process of comms as a result of them signing it off I guess)
20-21/09 - Weekend.
22/09 - Offer issued.

I cannot fault my experience with Nationwide at all. All credit to the mortgage consultant that I have been dealing with and their proactive approach.